A REVOCABLE LIVING TRUST
The word “Revocable” means you may change the terms of your Trust at any time. The term “Living” refers to creation of a Trust while you are alive (some Trusts are created at death).
When you create a Revocable Living Trust, you appoint yourself Trustee, with full authority to manage the Trust Property. After your passing, the person you named in your Trust document to be “Successor Trustee” will take over and distribute the Trust Property according to your directions in the Trust document. In this way, the Trust performs the same function as a Will, without the delay and expense of Probate. In most cases, the whole process can be handled in a couple of weeks, whereas the Probate process may take years.